Special Facts about Bangladeshi Taka
The currency of Bangladesh is the Bangladeshi taka. The sign used to denote Bangladeshi taka is ৳ or Tk and the ISO 4217 code is BDT. The central bank of Bangladesh¸ the Bangladesh Bank is responsible for issuing of Bangladeshi taka¸ except one taka and two taka notes which are issued by Ministry of Finance of the government of Bangladesh. One taka can be subdivided to 100 poisha.
The word taka means money¸ currency¸ or notes in Bengali. The currency sign for Bangladeshi taka ৳
it is encoded in Unicode at U+09F3.
In India¸ the states of West Bengal¸ Tripura¸ Mizoram¸ Orissa¸ and Assam also refer to the Indian rupee as টাকা (Tanka) which means money. The rupee is known as Taka in Bengali¸ tôka in Assamese¸ and Tanka in Oriya.
The Issuing authority of Bangladeshi Taka
The currency notes and coins of Bangladeshi taka are issued by the central bank of Bangladesh¸ the Bangladesh Bank. All the notes have the signature of the governor of the Bangladesh Bank. However¸ for 1 and 2 taka¸ the Ministry of Finance of the government of Bangladesh bears the responsibility. They have the signature of the Finance Secretary to the government.
Bangladeshi Taka Value Fluctuation
After the independence of Bangladesh¸ the value of Bangladeshi taka fluctuated between 7.5 and 8.0 to US$1. However¸ the taka's value showed the tendency of a downward curve every year from 1971 through the end of 1987. To fight this phenomenon¸ in the fiscal year of 1974¸ the compensatory financing facility of the International Monetary was introduced by the government of Bangladesh. In 1975¸ the stance was revised and a devaluation of the Bangladeshi taka by 56 percent was declared. Also a promise for the establishment by the World Bank of the Bangladesh Aid Group was made.
The taka also underwent a decline of almost 50 percent due to deterioration in Bangladesh's balance of payments. However¸ the value was adjusted in frequent incremental steps in the years between 1985 and 1987. There was also a relative expansion in the trade conducted at the secondary rate which was about 53 percent of total exports and 28 percent of total imports. By the middle of 1987¸ the official rate of Bangladeshi taka became quite stable¸ like about Tk31 to US$1
Bangladeshi Taka Coin Types
The coins were introduced in denominations of 5¸ 10¸ 25 and 50 poisha in the year 1973. 1 poisha coins were introduced in 1974 and 1 taka coins were issued in 1975. The metals used to make the coins were aluminium for 1¸ 5 and 10 poisha¸ steel for 25 and 50 poisha¸ and copper-nickel for 1 taka. The shapes were respectively square with rounded corners for 5 poisha and the 10 poisha being scalloped.
Also¸ steel 5 taka were issued from 1994 and a steel 2 taka from 2004.
Bangladeshi Taka Banknote Types
Pakistani banknotes for 1¸ 5 and 10 rupees were over-stamped to be used as Bangladeshi currency in 1971. Treasury notes for 1 taka began to be circulated in 1972 as well as 5¸ 10 and 100 taka notes by the Bangladeshi bank. In the year 1975¸ banknotes for 50 taka followed while 500 taka in 1977 and 20 taka in 1980. The 1 taka treasury notes were circulated only until 1984. 2 taka treasury notes were issued from 1989.
1000 taka notes were introduced by the government in 2008.
The 1 taka and 5 taka notes are getting replaced with coins nowadays.
Currency Exchange Rate to other World Famous Currencies like US¸ UK etc
As of February 21st¸ 2011¸ the currency exchange rates of Bangladeshi taka to the currencies of US and UK are:
1.00 USD = 71.1500 BDT
1.00 GBP = 115.527 BDT
However¸ the values are floating¸ and the exchange rates always tend to change according to the money market trends.
Official website details of Bangladeshi Taka:
You can check the official website of Bangladesh Bank at www.bangladeshbank.org.bd to have detailed information on Bangladeshi taka.